AICPA releases audit guidance for firms receiving government grant

The American Institute of CPAs (AICPA) has issued a set of Technical Q and A’s (TQA) to assist US non-governmental health care organisations account for state grant payments. These include payments received from the CARES Act, the Provider Relief Fund, and boosted Medicare and Medicaid grants. Isabella Colletta reports.


The guidance document was developed by the AICPA Health Care Expert Panel, and aims to assist businesses and not-for-profit organisations. 


The TQA provides background information on the grants and addresses seven specific inquiries regarding governmental funding. The guidance also provides non-government entities with advice on selecting an appropriate accounting model to apply to a government grant.


Read more at the International Accounting Bulletin here